Weekly Tanker Time Charter Estimates, June 07 2017

Tensions in the Middle East flared up on Monday, when Saudi Arabia, Egypt, the UAE and Bahrain cut off ties with Qatar, accusing it of supporting terrorism.

The Arab allies froze air, land and sea movements to and from Qatar and also implemented shipping restrictions. However exports of Qatari crude oil continue as tankers are loading Qatari grades along with cargoes from UAE. Shipper are still unsure of the restrictions’ impact, but all the counterparties are trying to take precautionary measures such as seeking smaller tankers to load and ship only Qatari cargoes.

In the period market Handies and MR2s fixed for 1 year t/c can achieve around $11,500/pdpr and $12,500pdpr respectively, always depending on the area of delivery.